FORT LEE, NJ--(Marketwire - November 1, 2010) - Pioneer Power Solutions, Inc. (
As President of Pioneer Wind, Mr. Charette will be focused primarily on expanding the company's sales and distribution network, contracting new community wind projects and on completing existing proposals undertaken by AAER prior to its acquisition by Pioneer Power Solutions.
Mr. Charette has vast expertise in the North American wind energy business, having occupied positions of progressive responsibility in the sector throughout the past 12 years. As the previous Vice President of Sales and Business Development at AAER since 2006, he developed a strong pipeline of projects before the company curtailed its operations in the spring of 2010 due to financial constraints. While in this role, he was instrumental in expanding the company's sales channels and geographical reach, resulting in the deployment of AAER's first five wind turbines to four U.S. projects between 2009 and 2010. Prior to AAER, in 2005 and 2006, he was Business Development Manager, Renewable Energy at Brookfield Power Corporation (Brascan Power) where he helped the company initiate its five year plan and in assessing due diligence projects worth up to $1 billion. From 1998 to 2005, Daniel was employed at NEG Micon Canada / Vestas Canadian Wind Technology, the largest wind turbine manufacturer in the world, occupying several positions throughout his tenure. Most notably, from 2002 to 2005, he was the Canadian Business Development Manager and responsible for opening NEG Micon's Canadian sales office. While in this role, he forged strong relationships with Canadian developers and succeeded in bidding, negotiating, and winning the Bison Wind Project and presented proposals for wind projects in Canada valued at over $4 billion. Prior to that position he was the Operations and Maintenance Manager and the Manufacturing Manager at the first North American nacelle assembly plant of NEG Micon, before that company was merged into Vestas in 2004. Mr. Charette has been an active board member of the Canadian Wind Energy Association (CanWEA) since 2002.
Nathan Mazurek, Chairman and Chief Executive Officer of Pioneer, commented, "We are very pleased to have Daniel Charette join the Pioneer family as President of our wind energy business. Having been in the industry for over a decade, he has extensive experience in project management, a clear understanding of the U.S. and Canadian community wind market and strong ties to local developers -- all key ingredients to building a robust wind energy business as well as further expanding our transformer business. His contribution to Pioneer will undoubtedly be fruitful and advantageous to the company and its shareholders. We look forward to working alongside him in expanding our business and geographic footprint in the North American wind energy and electrical equipment market."
About Pioneer Wind Energy Systems, Inc.
Pioneer Wind has a 10-year history developing, manufacturing, commissioning and servicing its advanced wind turbine designs. The company's turbines are rated up to 1.65 megawatts of output and deliver clean and reliable energy in a variety of wind conditions and terrains. Pioneer Wind provides project management, systems integration, equipment and operations and maintenance services with a focus on North American projects in the community wind market. To learn more about Pioneer Wind, please visit our website at www.pioneerwindenergy.com.
About Pioneer Power Solutions, Inc.
Pioneer is a manufacturer of electrical equipment with particular emphasis on the North American electric utility, industrial, commercial and wind energy markets. Through its subsidiaries, Pioneer has been in the electrical transformer business for over 90 years, manufacturing a full line of liquid filled, encapsulated and ventilated transformers. Pioneer's wind energy business sells and provides aftermarket services for its wind turbine designs, primarily for community wind projects and industrial customers. Pioneer is headquartered in Fort Lee, NJ and operates from five manufacturing, distribution and marketing locations in the U.S., Canada and Mexico. To learn more about Pioneer, please visit our website at www.pioneerpowersolutions.com.
Forward-looking Statements:
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) fluctuations in foreign currency exchange rates; (ii) the loss of significant customers; (iii) increases in the prices of raw materials; (iv) development of new products and service offerings; (v) the Company's ability to integrate acquisitions; (vi) the effectiveness, profitability, and marketability of the Company's current and prospective products and services; (vii) the impact of current, pending, or future legislation and regulation on the Company's industry; and (viii) the impact of competitive products, services, pricing or technological changes. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-K filed with the SEC on April 15, 2010, the Post-Effective Amendment to Form S-1 filed with the SEC on June 1, 2010 and the Company's Form 10-Q filed with the SEC on August 16, 2010. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. The Company does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Contact Information:
Contact:
Howard Gostfrand
American Capital Ventures
305.918.7000